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theme in the fiscal cliff argument. >> if we raise taxes on the top two rate, a million small businesses who employ 25% of the work force it will cost us over 700,000 jobs and reduce economic growth, lower take home pay and those things. that is a bad scenario. >> the league negotiator on the republican side of the table facing mr. obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end
. but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
's plan does not fulfill what he calls a balanced approach to ending the fiscal cliff. tax hikes, increases, that's what he says this all amounts to for the president, increases in taxes, and he is not trying to reduce spending, and that's important to the republicans. he said for five weeks -- this is according to john boehner -- he's been reaching out to the president but the president has not given a serious proposal. then eric canter echoing those sentiments as well. and if we do go over the fiscal cliff, many in the polls will blame republicans. so after the phone call last night, this is all about messaging, trying to stem the tide of people who believe the republicans are responsible for putting us over the fiscal cliff if that, indeed, does happen. this is about messaging, this is about posturing as well, getting the message across. our dana bash is standing by and she will update us on that as well, what the president said and what the republicans said behind the scenes. >>> we're also following details of that deadly mall shooting in portland, oregon. panicked shoppers
, you are, i think, correct in the second piece of the fiscal cliff. that is the tax rates that will apply next year. arguably, you don't have to take action this year, you have the whole of next year during which you can reach resolution to that issue. now, the only reason why i think that's an extraordinarily bad idea is i think it would be viewed quite unfavorably by the financial markets. and so you could see a reaction. and it is really bad tax policy to be legislating in the middle of the tax year on the basic structure of the income tax for that year. >> host: we'll go to jeff in tampa, florida, independent caller. >> caller: good morning, how you doing? >> host: good morning, sir. >> caller: yes, i have a question for mr. buckley, and this is more -- it may be a little generic, but something that a couple of my friends and i have talked about and just trying a basic understanding of. instead of having an income tax, has there ever been any discussion about having a national or a federal sales tax to help offset so this way everyone from the rich to the poor, everyon
and focusing on the expiring tax cuts as we near this fiscal cliff. we're going to bring their remarks live as they happen. first, christine romans has a look at what it would be like he if the country let those tax cuts expire, and we go off the so-called fiscal cliff. >> reality track says one in three homes sold short. right now you don't owe taxes on the forgiven debt. on the other side of the fiscal cliff you do. it gives homeowners a tax break on unpaid mortgage debt and expires on december 31st unless congress acts. >> the average amount that homeowners are short in a short sale is $95,000. if this tax break goes away as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depending on the tax bracket they're in. on average it would be between 20 to $25,000. the banks have an extra incentive to stel short and absorb the loss. under the national mortgage settlement act that went into effect earlier this year, the nation's biggest lenders get a credit for short
: telling agencies to watch for massive spending cuts from going over the fiscal cliff and warped the business exectives the economy could take another hit if the republicans decide to extend the middle class tax cut to avoid the cliff for now. then come back with more leverage. to tie it to a hike in the debt ceiling. >> we are 23409 going play that game next year. if congress in any way suggests that they are going to tie negotiations to debt ceiling votes, take us to brink of default again, i will not play that game. >> republicans held their own meeting with small business owners denying they're trying to punt. >> i'll be here and available at any moment to sit down with the president to get serious abouting the problem. >> they noted the president has not scheduled any meetings with the g.o.p. leaders in weeks. not offered any counterproposal to boehner's plan from last week. >> a balanced approach the president has been asking for. now we need response from the white house. >> reporter: they continue to insist the impediment to the deal is boehner's tax revenue is not enough
cuts that have come to be known as the fiscal cliff and today republicans stood by their offer to close some tax loopholes and limit deductions and called on the for the give them a new plan that the congress could. president obama spent his day with the santana family of falls church and he says they're members of the middle class and they'll be hit hard if congress fails to extend their tax cuts. meantime virginia could be hit hard if those spending cuts end up taking place especially in places like fairfax county where federal contracting is king. >> if you go make the kind of cuts that some are suggesting happen, then you're really hurting a lot of the small buss
-called fiscal cliff. in addition, several key tax benefits are scheduled to expire at the end of the year that will have a direct impact on the pocketbooks of many americans. take a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works for time earning $30,000 a year and going to school part time, his tax rate would stay the same at 15%, but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take effect, the impact is already being felt because of uncertainty. 401(k) plans are taking a hit. several companies have put a freeze on hiring. and the next thing to watch for, the retail sector which makes most of its money in the final weeks of the year. >> i'm shortening down the list a lot. just doing the essentials, taking care of the priorities first, and then t
cliff problem could be fixed in 15 minutes if republicans would only agree to higher taxes on higher americans. the v.p. laid out the president's plan at a diner in virginia. the campaign style stop apparently meant to highlight going over the fiscal cliff would mean for the fiscal class. >> i don't know why at love the guys we work with don't get it makes a difference whether or not you can finance a used car. 3,000 bucks makes a difference or talk about whether or not your kids are going to be able to save enough for their college. >> shepard: so where are we? we are 25 days away from a series of automatic spending cuts and expiring tax credits or tax cuts anyway? economists say that would be a disaster. possibly costing million of american jobs. today the house speaker john boehner again accused the white house of holding up negotiations. he said the white house has wasted another week of potential deal-making. >> there are a lot of things that are possible but to put the revenue to the president seeks on the table. but none of it is going to be possible. the president insists on
the fiscal cliff. the president is refusing to compromise on letting tax cuts expire on incomes of more than $250,000 a year. g.o.p. leaders are calling that a job killer and a deal breaker. of course, if we fall off the fiscal cliff, we'll all die, right? actually, taxes will go up for pretty much everybody and automatic spending cuts kick in on knew year's day. the president and the house speaker met face-to-face just yesterday for the first time since the election, but are they talking about it? no. today an aide said the speaker is willing and still waiting for counteroffer from the president. ed henry is live at the white house. i don't know, ed. a meeting happens and nobody says anything. this could be seen as something more good than bad. >> reporter: exactly. because they didn't come out of the meeting beating each other up and saying i'm never going to sign a deal with the other guy. the fact that they're keeping this quiet, hush hush for now in terms of the details of what they discussed suggests that they're hopeful of a deal, although i have to tell you. the president sounded pre
over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> white house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over the 800 billion in new tax revenue. this was part of john boehner and plan. those tea party-backed co
of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff if republicans do not accede to his demands. >> it's probably pretty real. but you can't get to where we need to go by cutting spending, that won't cut it. you're going to destroy a fragile economy. you can't get there by taxing your way into it and you can't grow your way out of this. you have to have a blend. when you have leaders of parties and people from the administration saying i think it will be to the advantage of the democrats to go off the cliff or i think it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> let me ask you about a report that some republicans now are perhaps willing to see the tax rates rise to some
cliff if republicans don't agree to tax hikes on the richest americans. and so we welcome peter alexander, at the ranks of the white house correspondents, with a look at all of it. >> reporter: brian, good evening, on the north lawn, the phone call marks the first time speaker john boehner and the president spoke in a week, that is hardly something to celebrate, but they wouldn't characterize what they discussed in the phone call as the country barrels towards the fiscal cliff. with no talks and no progress to avert the looming fiscal cliff, you could say the house has left the building, streaming out of the capitol. tomorrow's session cancelled. with only three work days left this year, they are often criticized. just 16 votes. across the country, rising frustration, americans asking why the holdup. and what will their taxes look like in 2013. >> maybe instead of getting my sister two things, you give one thing, you have to give pause on what could happen next year. >> reporter: today, president obama and house republicans are locked in a political stare down. with neither side
that there is additional tax revenue in any fiscal cliff deal, right? >> jon, no question about that. they have been consistent from the very beginning. the president ran on the upper income americans paying more taxes as part of this deal. we heard more from chuck schumer on "fox news sunday". >> we democrats realize that there have to be two sides to this bargain but we're not going back to what we did in 2011. we both revenues and cuts on the table and ended up with just getting cuts because the other side wouldn't accept the revenues. >> reporter: a lot of folks on both sides feel like this is critical week. we're getting close to the end of the year. you need to give lawmakers a chance to put whatever deal it nice legislative language and sell to constituents and ultimately vote on it and hopefully send it to the president's desk. jon. jon: we'll see what happens. not a lot of time left. mike emanuel, thank you. jenna: another u.s. drone strike delivering a blow to al qaeda. we're learning about this for the very first time today. pakistani intelligence reporting the strike late last week took
. the fiscal cliff involves nearly four dollars of anticipated revenue from higher taxes for every dollar of spending cuts, yet the president wants more revenue and fewer spending cuts. if we fell off the cliff, his plan calls for another round of stimulus spending. you have got to be kidding me. what the president's plan lacks is any reform in our entitlement system. the unrestrained growth in entitlement system is driving deficits and driving the debt even higher than the percentage of our gdp. it is estimated to be as high as $128 trillion. even if they confiscate all of the income that excesses $1 million, we cannot pay for the entitlement commitments that the federal government has made. we have made promises to ourselves that we simply cannot keep. without some sensible entitlement reform, our credit rating will be downgraded again. we will become a country that none of us recognize. secondly, fiscal plans failed to achieve their government budget deficit or debt reduction goals. dr. hassett has examined fiscal plans in other countries. on average, unsuccessful plans proposed an inc
that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week, can you characterize that call? did he have any kind of counter offer? also, we understand that he is making clear that it's got to be increase in rates for the wealthy or no deal. are you willing to give a little bit maybe not all the way to 39.6? >> the phone call was pleasant, just more of the same. the conversations that the staff had yesterday, jus
the president of slow walking the economy right to the edge of the fiscal cliff and says if the president got the tax increase he wants the country would be facing trillion dollar deficits. >> this isn't a progress report because there is in progress to report. when it comes to the fiscal cliff threatening our economy and jobs the white house has wasted another week. >>reporter: he calls officials saying they are ready to go over the trip. >>shepard: democrats insist that revenue, revenue, revenue is the key. >>guest: president obama campaigned on it and obviously won and democrats insist upper income americans should pay higher taxes but there could be room to negotiate but their point is they don't want to talk about other aspects of a deal until the g.o.p. gives in on their demand for more tax money. >> what is lacking are the revenues. we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on wh
, he was putting pressure on lawmakers to come to an agreement to avoid the fiscal cliff. it was yet another white house effort to rally support around its approach to the fiscal cliff. joe biden sitting down with seven middle class americans worried about their taxes going up. >> these are hard working, serious americans who are playing by the rules, doing it all right, and struggling already in this economy. >> reporter: jobs numbers, proof the administration says that the president's economic policies are paying off. >> you see it in the retail industry, you see it in transportation. you see it in health care. and you see it in other sectors. you do see a continued movement that continues to show some positive growth. >> reporter: while cautioning the nation's economy is far from a full recovery, administration officials emphasize positive growth, suggesting it puts them in a stronger negotiating position with republicans. one senior administration official told cnn, quote, we shouldn't muck it up by raising taxes on the middle class or playing chicken with the debt ceiling. but o
in washington. speak up for the fiscal cliff is part of the half trillion dollars in cuts to the pentagon. the defense has been saying we will not plan for sequestration's because they don't want to be cautious because it is like a gun to the head. they're now looking into planning for this because we are getting pretty late, and that may become a reality. back to you. melissa: rich edson, thank you so much. lori: let's continue this discussion. it is going to happen, it is exactly what the democrats want. according to scott hodge of the tax foundation. what are some alternatives to raising revenue? joining me with some ideas. to your point, you're written quite extensively on this topic. it seems the economy is poised to fall off the cliff and that's what the democrats and the president wants to happen. >> they want to allow all the bush tax cuts to expire. it happens naturally automatically. they don't even have to vote for it. in january we had to lower taxes for everybody. getting it very simply. lori: a lot of people are concerned. if we do go over the cliff, there's no resolution fo
administration is willing to go over the fiscal cliff. nbc's tracie potts joins us live from washington with an update. good morning to you. >> reporter: let's start with geithner. he told cnbc that instead of continuing tax breaks for the wealthy, the obama administration is willing to go over this cliff which means they're willing to let your taxes go up and unemployment checks go away massive spending cuts happen if the pentagon instead of continuing the tax breaks for the wealthy. now there's been very little progress here on chiapitol hill which is why so many have gone home. we know that president obama and john boehner spoke by phone. republican sources telling us they had a conversation yesterday. we don't have a readout on what that was about. we don't know that if any meetings have been scheduled. but any small sign of progress is welcome here on capitol hill. now with so many lawmakers headed home and likely to face the ire of their constituents, we saw one protester in baltimore yesterday over social security. there are a few left. today there's a joint economic committee he
the numbers and found if the nation goes over the fiscal cliff, high income californians would beat out new yorkers and hawaiians for the potential highest tax rate at nearly 52%. >>> forbes is out with the 2012 most powerful people list. president obama held on to the top spot for a second year. the pope climbed two notches from last year. he is in fifth place. facebook's ceo mark zuckerburg went to number 25. former president clinton held on to number 50. and tonight be sure to watch brian williams sit down with tim cook. by the way, he's number 35 on the forbes list. >> finally, no, this is no joke. pizza hut in canada sent more than 100 bottles of pizza cented perfume to facebook fans. the fragrance boasts freshly baked hand tossed dough. >>> some optimistic news in the fight against breast cancer. women who took the common estrogen blocking drug tamoxofin cut the chance of getting breast cancer in half. >>> coming up, corey booker lives on food stamps. the nfl steps in with a million dollars for jovan belcher's orphan daughter and high resolution images of your planet earth from space.
that gives workers the right to not pay dues. >> steve: washington can't find a solution to the fiscal cliff . but someone who fixed budgets in the past know it is simple. >> if i raise taxes again i will have to do it in two or four years . people are going to leave. >> steve: find out how america's mayor did it straight ahead. straight ahead. feel a cold coming on? gretchen, you will be better in no time. we'll drink to that. >> you will be better in no time and all of my teases will rhyme today. "fox and friends" starts right now. ♪ ♪ "fox and friends". >> steve: ho, ho, hompt look who is here today eric boling. >> gretchen: you get your own personal lurch. >> eric: good to be here. >> steve: you will find out how booze, beer and wine can make you healthier. the news we have all waited for. >> gretchen: yeah, a lot of people waking up with a headache. now it makes sense why i drank so much last night. overnight a developing story. a medical chopper went down last night leaving three people dead. the chopper which is reggistered to rock ford memorial hospital it went down in a field .
lawmakers don't get it together soon. president obama saying now a deal to avoid the so-called fiscal cliff could be about a week away. there is just one catch. he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not that tough. but we need that conceptual break through that says we need to do a balanced plan. >> we made a good faith offer to avert the fiscal crisis and that offer included significant spending cuts reforms and it included additional revenue. and frankly, it was a balanced approach mr. president has been asking for. now we need a response from the white house. >> they have 27 days to prevent automatic tax hikes and spending cuts from kicking in on new year's day. ed henry live at the white house for us. ed, we are hearing the president and house speaker john boehne
the fiscal cliff. some republicans are considering abandoning their staunch opposition to higher tax rates according to recent reports. alan simpson was co-chair on the commission of fiscal responsibility. he's a co-founder of fix the debt campaign and joins us now. senator simpson, good morning, it's great to see you. >> great pleasure to be off the witness protection program and come here. but what even more fun, david brubeck used to come to wyoming a great deal. he and his family, lovely people. i did not know he had passed. and to hear that music, it's iconic stuff. anyway. so it's good to sneak in and get made up, try to hide my identity. >> well, it's good to have you here. you say you're in the witness protection program because you've been out there on the issue of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff
. >> reporter: but now with the post-election budget fight in washington over the fiscal cliff, hudson's business faces a battle on three fronts. all of which are up in the air. defense cuts, tax hikes, employee health-care costs. >> uncertainty kills businesses, because you can't plan. you can't program, you can't forecast. >> with defense spending on the chopping block, even with congress avoids the fiscal cliff, hudson predicts that 15% slowdown in orders next year. >> it could be june before we start seeing orders. and if that's true, i will end up laying off people. >> hudson is also concerned about taxes. because it's profits are treated as income, that puts them over 250,000 a year. the level where president obama wants taxes to go up. >> i'm supposedly a risk guy. i don't think so. i think we ought to pay our share. but that could have a significant impact to the point that i may have to lay off one or two more people. >> the financial impact of the affordable health care act is also a question mark as the plan slowly phases in. >> i believe in families and support and the empl
not have a deal, your taxes are going to go up. a lot of americans to not know a lot about the fiscal cliff. the confidence and a market reaction is very different than the spending cuts and tax increases. here is the fundamental point. i could be wrong, it happened once. why find out? it is irresponsible to govern the country this way. the sequester and across the board cut, it is bat policy. everybody knows it is bad policy. we are very close to doing it. i find the whole situation unsatisfying. host: our phone lines are open and you can also send us an e- mail. you work for a number of members of the democratic party. you work for the president. a question that comes up often is why there is a partisan divide. what has changed over the last 20 or 30 years? guest: we only have an hour so we cannot go through all of that. there are a lot of things. there are some extraordinary changes. politics as a con tact sport is a substantial change from when i worked on the hill. they did not agree on anything, but they enjoy each other's company. i have seen with my own eyes republicans and democrat
to hammer out a deal over tax hikes and spending cuts as the clock particulars towards that fiscal cliff deadline on january 11. mike emanuel is live. we are still getting hard lines from either side about where they stand on this. what is really happening behind the closed doors? are they closer to a dole? >> reporter: jenna you're right about a lot of tough talk in public, but behind closed doors we know the president, the speaker of the house john boehner had a phone call late yesterday, the first call they had in a week. there has not been much in the way of leaks as to what was discussed. most folks on capitol hill may suggest that no leaks means they are getting down to serious movement on finding a compromise to avert the fiscal cliff. because in public the treasury secretary was asked yesterday if the administration is prepared to go over the fiscal cliff. check this out. >> is the administration prepared to go over the fiscal cliff. >> absolutely. we see no prospects for an agreement that doesn't involve those rates going up on the top 2% of the wealthist. remember it's only 2%.
to reporters about the looming fiscal cliff. both sides refusing to budge on the big issue of taxes. republican leaders in the house blaming president obama for the lack of action. they're calling on him to initiate face-to-face negotiations. did we say a deal has to be made in the next 25 days. house members are out of town for a long weekend break. fox business network's rich edson is live from washington. so are we seeing any movement in these talks at all, rich? >> some, jon. a house aide says president obama and house speaker john boehner spoke on the phone yesterday afternoon. that is their first conversation in a week and since republicans offered $800 billion in new tax revenue and more than a trillion dollars in spending cuts. aides refuse to say if the president and speaker are now closer to a deal. for both sides a little more campaigning. president obama heads to northern virginia this afternoon. the white house says he will meet with a middle class family to press congress to protect those making less than $250,000 a year from tax increases and raise rates on those making more. hou
reassessed the property to increase the taxes even further. at the same time, if there is a fiscal cliff issue, who is going to benefit? not the taxpayer or the middle- class. we what -- we will wind up with taxes increasing at the state level, which means again they have to feed the beast, the beast is the government. the first people to sacrifice for the government are the government people themselves. the federal government employees, 2.2 million people collecting incredible pensions. you just read an article about people that make $388,000 at fannie mae and freddie mac. why are those people not sacrificing? why do we have to pick up the feed that they eventually give us? one gentleman from new york talked about that. i do not have a pension plan. i am 62. i will need social security. my house has twice as much taxes on it as it used to. no one helped me on the fiscal cliff when i lost out in 1991. today everyone gets help. chuck schumer today said that he will want to give tax benefits and credits to people in new york city. who is going to pay for it? host: that is the story from th
need tax reform. immigration and tax reform post the fiscal cliff will create a legacy and may see congress doing something. >> that is why it is so important that they figure out a way to come together before the end of the year hopefully. if the environment is poisoned like it was after the stimulus, after the health care debate, the next four years will be ugh low. >> that's true. the higher number of women increases the chances. we will see. >> i saw the women here smiling. we were talking about how collaborative they were. the guys, not so much. >> we don't smile. i agree. the more women the better. i'm agreeing with you. can i say nothing? i said the more women, the better. i'm agreeing with you. the more women, the less self destructive egos and getting to a deal. do you have a problem with that. >> no,i don't. >> go with it. i give up. >> all right. still ahead, hollywood mogul joins us on set and author sebastian younger will be here. more morning joe in a moment. ♪ for over 40 years, we've brought our passion for fine coffee and espresso to people everywhere. but one pl
the president to come up with a plan for spending cuts and tax revenue to avoid the so-called fiscal cliff we're talking so much b. otherwise we know there will be automatic tax hikes. there are also the spending cuts that kick in starting in january. the pentagon will bear the brunt of the automatic spending cuts. some republicans say mandatory cuts are better than no cuts at all and we should put defense spending on the chopping block to accomplish the long-term goal of reducing the deficit. joining me now oklahoma congressman james langford, his second term in congress. what do you think about that, some suggesting this is in a political article that the republicans are foresee questions tracing if that is the only way to cut the debt and deficit. >> the challenge of it is this is really part sue of the debt ceiling debate we had last summer. we wanted a strategic plan to reduce the spending. the house passed that in may. we had an outlined plan to reduce spending. we had no answer from them. the see questions station wa sequestration was the last report. i haven't been in congress a longt
a call after both traded fiscal cliff proposals. neither sealed a deal, so we're now 20 days away from almost $500 billion this automatic tax hikes and spending cuts. i sound like a broken record. along with the potential for a new recession. shannon travis is following the deal make. do we know what was in the proposals? >> we're getting details in drips and drabs. the white house has offered according to a source telling cnn to basically revise their revenue target. p president obama originally proposed $1.6 trillion in new revenue. he wants to raise the tax rates on the wealthiest americans. now we're being told that he's revised that number down to $1.4 trillion. that's obviously a difference of $200 billion. a democratic aide also telling cnn, i'll read the quote, that offer was coupled with a serious spending cut number with real entitlement reform. so that's from the white house side. on the counterproposal from the republicans, we don't have a lot of details on that, but from boehner's office, republicans are basically awaiting spending cut specifics from the white house. meanw
made on back away from the fiscal cliff you would have a hard time knowing it from today's events. both sides essentially say they are waiting for other on more details on how to balance higher taxes for rich with spending cuts. in a moment with put karl rove and joe trippi in the negotiating room. but first we have a report or # 2 days, or as we will explain later, less to go. >> president obama back on the road 24. hours after the hush-hush meeting with john boehner about the fiscal cliff. insiders in both parties say the first face-to-face solo meeting in over a year is a sign in private they are making progress but in public the president is not budging. >> i'm in the going to compromise on that principle because i won't have a situation where the wealthiest among us including folks like me keep the tax breaks and we ask the students to pay higher student loans. >> he decided to fire up the labor union base. about a republican pushbe for right to work laws in the state. >> what we shouldn't do, what we shouldn't doing is trying to take away your right to bargain for better wages at
with the fiscal cliff. but it has everything to do with obamacare. >> now, it is true that a lot of those taxes did take place after the election. that's something we pointed out and is a fair point. but let me just ask you about the compromise we have to go to. because like i said, again, to get this done, taxes are -- i mean, they're going to go up on somebody. i just believe that this is what is going to happen. i think tom cole thinks it's going to happen. i think tom coburn thinks it's going to happen. i wanted to play a bite from him and get your reaction. here he is. >> sure. >> i'm okay to compromise even on some of my issues, if, in fact, we'll solve the problem. but what we have is a game being played for political -- for the extreme right wing and the extreme left win rather than coming together and leading and solving the problem. >> so grover norquist. if you had to accept the tax rates would go up, all right, just they're going to go up and they're going to go up on somebody. what would you really want in return? not revenue-neutral. real tax increases. what do you want in return?
concerned about, guess what, the looming fiscal cliff. they will take home 192 million bucks before taxes, and the plan is to use the money to start a foundation and support their favorite charities. >>> more people out of work, and another recession. you want to know what's at the bottom of that fiscal cliff, well, there you have it. many say that what's going to happen if something isn't done soon, but guess what? alice rivlin has a plan. she's a senior fellow at the brookings institution and served as director of the white house office of management and budget, the omb, under president clinton. alice, good morning. >> good morning. >> nice to have you here on the show this morning. you're saying that it's too late for the lame duck congress to pass legislation to fix all the problems that exist, but you have created a framework for something that you call a grand bargain. what is it? >> well, it isn't just me. anybody who has looked at this problem, i was on the simpson/bowles commission and chaired another committee with senator domenici. everybody sees first that the budget is on an
% as part of a larger fiscal cliff deal. in a conference call today, their chairman at the business roundtable said, some executives are unhappy that we want to even mention revenues or taxes but he said everybody's got to feel a little bit like they are getting nailed and then we will know if we've got a deal. white house officials met with this group and also helped them get to this place. they said, bottom line, they knew that they thought their prospects deal was grim and this was a step they had to take to help both sides come to a deal. >> maybe it will help because a lot of these guys are very, very influential. speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's wh
on the whole fiscal cliff talking about how he wants to see taxes go up on the rich and he also though, weighed in on this whole right to work debate, in probably more direct, more blunt way than some people expected saying that he believes this is really billion the right to work for less money, getting behind the labor unions there in michigan who helped him in this re-election battle. i asked jay carney a few moments ago about one of democrats on the house floor in lansing a short while ago saying if this is signed into law in michigan quote, "there will be blood.". jay carney pushed back on the idea that the white house would condone anything like that. take a listen. >> talked about his views. he has always opposed so-called, right-to-work laws. as he said those laws are generally political, and not economic. they are about the right to earn less pay than they are helpful to our economy. and he presented those views yesterday in michigan. >> reporter: you remember the president weighing in yesterday but back in september, right before the election, when the chicago teachers strike was reac
. >> he's the president, not the emperorer. >> reporter: fiscal cliff negotiations have been at a stand still since monday when republicans proposed raising revenue by closing tax loopholes, not by raising rates on the rich as the president has insisted. >> we're not insisting rates just out of spite, but rather because we need to raise a certain amount of revenue. >> we can't just keep borrowing money, raising taxes, and expecting the problem to go away. >> reporter: house members headed home for a long weekend with democrats so far unsuccessful in their efforts to force a vote on a bill that would extend tax cuts to 98% of americans. but house speaker john boehner said he's here, and all ears. >> i'll be available at any moment to sit down with the president if he gets serious about solving this problem. >> reporter: 26 days out, and the waiting continues. with no deal in sight, the white house budget office is now ordering the pentagon and other federal agencies to finalize their plans for surviving massive spending cuts. reporting live on capitol hill, danielle lee, news4. >>> in fa
any more agreements with the u.s. until those prisoners are transferred. >>> well, the fiscal cliff is looming unless congress takes action to avoid it. coming up at 7:15, the number of california defense department jobs that could be lost if automatic trick -- automatic tax cuts are formed. >>> bill clinton says he's not sure if hillary clinton will run for president. she said she does not want to continue a secretary of state for president obama's second term. she said she wants to focus on issues to -- that are important to women. >>> let's see what tara is seeing on 880. >> we have a lot of traffic on pinole and then past the golden gate gate. we're in berkeley/emeryville. we have a traffic issue in here. 280, northbound towards santa clara, looking pretty bad. give yourself extra time. let's check in with steve. >>> tara, thank you. there's definitely some breaks in the clouds. jive seen gusts to 25 miles per hour. i dent think this -- i've seen gusts to 25 miles per hour. i don't think this -- this breeze can helpster things up a little bit. still some low clouds around. i'm s
of the fiscal cliff negotiation. after that, joe shaw looks at the estate tax, which is set to go up the end of the year plus, your e-mails, phone calls, and tweets. "washington journal" is live at 7:00 a.m. eastern on c-span. now come in a discussion of how the military and national security might be a affected by spending cuts at the first of the year. part of the so-called fiscal cliff. former chairman of the joint chiefs of staff, mike mike mullen, was joined at how services committee. this is a less than an hour. >> good afternoon. thank you for coming. my name is peter peterson. i would like to give you a review of why we are supporting this project today. starting about 30 years ago, after studying the profound demographic trends, on the vast and unfunded promise we have made. i have decided was not unsustainable, but a primary threat to the future. speaking of unsustainable, in the nixon white house in which i served, the chairman of the council, if something is unsustainable, he says it continues to stop. or if you don't like that, if your worst eyes, i suggest that you does not dis
created this year, due to uncertainty about the fiscal cliff. >> it's very important we get it done now. >> reporter: republicans and democrats are talking again. but still, no breakthrough. the parties are locked in a stalemate. president obama is demanding that higher tax rates for the wealthy and a permanent extension of the debt ceiling, the government's ability to borrow money, be part of the deal. >> he's assuming unprecedented power to spend taxpayer dollars out any limit at all. >> reporter: republicans who say they're open to raising tax revenue say they will only do so in exchange for deep spending cuts. if washington can't strike a deal, one casualty will be compensation for the long-term unemployed. that means people like linda vega, are worried. >> christmas and things of that nature are probably off the table. >> reporter: aides to president obama and speaker boehner met yesterday afternoon. but that meeting ended with no discernible signs of progress. rob and paula? >> thanks, tahman. >>> once the numbers are all tallied, they're going to show that the 2012 presidential e
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